RBC Bearings sales decline
RBC Bearings said its net sales for the first quarter of fiscal 2022 were $156.2 million, a decrease of 0.2 percent from $156.5 million in the first quarter of fiscal 2021.
Net sales for the industrial markets increased 31.0 percent while aerospace net sales decreased 18.3 percent.
Net income of $26.0 million, or $1.03 per diluted share, compared to $22.7 million, or 91 cents, for the same period last year.
“First quarter results were in line with our expectations. Our team maintained a high level of execution which allowed us to build on momentum from the fourth quarter. Strong order rates from industrial customers continued over the period; the outlook is one of increasing demand for our products as these markets continue to rebound,” said Dr. Michael J. Hartnett, chairman and CEO.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
